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It is already that. It is approaching insolvency since longer-living folks are receiving more benefits than what they put it with earnings.

From the SS contributions report the SS admin sends each of us annually, I calculated my lifetime contribution together with my employer's contribution on my behalf. Assuming an absurdly low 5% ROI over the years (many of those years US treasuries paid higher rates), would have built a fund of $551,889.

The SS admin will pay me 4.2% of that fund per year for the rest of my life. At 5%, the SS admin will make 0.8% per year more than they will pay out. The SS admin can afford the benefit they pay me forever, and ultimately be left with more money than my labor's "contributed."

“would have built a fund of $551,889”

rhetorical question.....I wonder where that money is now?

The SS admin will pay me 4.2% of that fund per year for the rest of my life. At 5%, the SS admin will make 0.8% per year more than they will pay out. The SS admin can afford the benefit they pay me forever, and ultimately be left with more money than my labor's contributed.

Your calculations do not seem correct to me. To calculate a rate of return, you need a mortality table. The impact of inflation is tricky to factor into the calculation. The major driver of Social Security deficits is the CPI-W compounding. This inflation factor is unsustainable in any pension.

Your caluclations are meaningless even if you consider all factors. Social Security has neve had assets. It is simply a transfer program collecting taxes and paying benefits. The excess taxes have been spent in other areas of government. Social Security is now in a cash flow defiicit paying more in benefits than receiving in taxes. SS supporters using phony intra government interest payments to mask the problem. Trust funds, intra government interest payments, and other government account gimmicks are diversionary tactics. Social Security, Medicare, Medicaid, federal pensions, Obamacare, Section 8 housing, SSI, Social Security disability, student loans, refundable tax credits, and a host of other programs are exploding deficits with much higher levels in the future especially when the dollar begins its descent into oblivion.

Government spending including Social Security benefits for current recipients will be substantially reduced either voluntarily or imposed by external forces. Perry cannot say that benefits for baby boomers must be reduced. He probably understands this concept however.